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Mission Ready Services Inc. (formerly Priceless Piranha Capital Corp.) (TSXV: MRS) (the “Company”) is pleased to announce the completion of its 2ndand final tranche of the concurrent brokered private placement under the Qualifying Transaction raising gross proceeds of $254,000 by a combination of convertible debentures ($155,000) and units ($99,000), as previously announced in its news releases dated September 20, 2012 and December 20, 2013. For convertible debentures, each debenture is at a price of $5,000 per debenture. Each debenture shall have a maturity date of April 12, 2015 and bear interest at an annual rate of 8% per annum, payable quarterly, pro rata for the first quarter. On April 12, 2015 the Company will repay the debentures in full plus accrued and unpaid interest unless the holder of the debenture converts his debenture into common shares at a rate of $0.25 per share. For units, 396,000 units were issued. Each unit consists of one common share in the capital of the Company and one warrant. Each warrant entitles the holder thereof to purchase an additional common share in the capital of the Company at a price of $0.40 per share until August 26, 2015.
In consideration, the Agent was paid a cash commission of $15,880. The Agent also received 49,600 Agent’s warrants, equalling 8% of the total number of debentures sold at an exercise price of $0.25 per share until April 12, 2015. The Agent also received 31,680unit warrants, equalling 8% of the total number of units sold at an exercise price of $0.25 per unit. Each unit consists of one common share and one warrant. Each warrant is exercisable at $0.40 per share until August 26, 2015.
In accordance with securities legislation currently in effect, all of the securities issued are subject to a “hold period” of four months plus one day from the date of closing, expiring on May 16, 2014.
Business of the Company
MRSI wasformedtomeetacriticalneedofoneoftheworld’s largestcustomers,theUSGovernmentandinparticulartheDepartmentsofDefence,Homeland Security and Justiceandvariousother agenciessuchaslawenforcement,firstrespondersandthe manyothers worldwide that help to safeguard ourhealth and security.
MRSI’s missionistosavelivesandenhancetheperformanceofmilitary personnel,firstresponders,andthosewhoprotectusbyworkingtoensuretheyareequipped with thebest possiblepersonal protective equipment.
– Equipment inspection, cleaning/decontamination and repair servicesof personal protection equipment (ICD)
– Product researchand development (R&D)
For further information contact:
Terry Nixon – Director, Corporate Communications
Mission Ready Services Inc.
(signed “Rod Reum”)
President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.